The Cheapest and Best Homeowners Insurance in Orlando
The Cheapest Home Insurance Companies in Orlando
When comparing homeowners insurance companies in Orlando, you’ll notice most offer similar core coverages, making price an important consideration when choosing a policy.
For a policy with $250,000 in dwelling coverage, the cheapest home insurance companies in Orlando are:
- Travelers: $733 per year
- Universal North America: $1,023 per year
But the cheapest home insurance companies can depend on how much coverage you buy. For example, in policies for expensive homes — those having dwelling coverage limits of $2,000,000 — the two most affordable home insurance companies in Orlando are:
- Allstate: $7,413 per year
- Universal North America: $7,934 per year
The premium of your home insurance policy is greatly affected by your dwelling coverage limits, and certain insurers may be cheaper for your needs than others. You can use the table below to see how the price changes when you adjust the dwelling coverage.
The Cheapest Home Insurance in Orlando, Ranked
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Our sample home insurance policies have an initial baseline dwelling coverage of $250,000 and personal property limits of $100,000. Personal property limits increase to $800,000 for policies with a dwelling coverage of $2,000,000. Regardless of the dwelling coverage limits, liability coverage remains $100,000.
If you live elsewhere in the state, you can also compare home insurance rates in Florida as a whole.
The Average Cost of Homeowners Insurance in Orlando for 2022
The average cost of home insurance in Orlando is $1,736 per year or approximately $145 per month. This is lower than the average statewide cost of homeowners insurance in Florida, which is $2,359 per year.
Across the country, the national average cost of homeowners insurance is $2,103 per year.
Calculate the Cost of Home Insurance in Orlando
Several factors determine the cost of your home insurance policy in Orlando — location is only one of them. The amount of dwelling and personal property coverage you purchase, as well as your credit score, also affect your rates. You can use MoneyGeek’s home insurance calculator to compare home insurance quotes in Florida.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Orlando
Although cost is an important consideration when looking for homeowners insurance in Orlando, you should also factor in customer service experience when assessing insurance companies. In a time of crisis, you want your claim to be processed quickly and objectively. You’ll also want a financially stable company, so if your claim is legitimate, you know they will pay it.
Based on a study conducted by MoneyGeek, the companies with the best homeowners insurance in Orlando are:
- Best Overall: Travelers
- Runner-up: Nationwide
MoneyGeek’s unique scoring system ranks home insurance companies based on three criteria: affordability, user satisfaction and financial stability.
Travelers provides several unique coverages compared to other home insurance companies. One of those is additional coverage that protects you from damage caused by water backup and sump pump discharge. If you’re concerned about the environment, Travelers provides extra protection to cover the cost of repairing homes using green material.
Our top pick for Orlando is Travelers with perfect scores in affordability and AM Best’s financial stability ratings. Travelers offers additional replacement cost coverage, which means even if the amount needed to replace your home exceeds your dwelling coverage, you’ll still be covered.Read MoneyGeek's Travelers home Insurance Review
In addition to the standard coverage included in home insurance policies, Nationwide has several add-ons worth considering. You can easily add flood insurance to your policy. Since several types of flooding are common in Florida, this protects you from any damage it causes. They also offer water backup coverage, which covers several other water-related perils. You can choose to get Better Roof Replacement coverage as well, which replaces your roof with more protective materials if it gets damaged.
Nationwide comes in a strong second, with high scores across all categories — particularly in affordability. They offer replacement cost coverage for your personal possessions, allowing you to get new items of similar quality when you make a claim.Read MoneyGeek's Nationwide home Insurance Review
Cheapest Home Insurance Companies in Orlando for Newly Constructed Homes
Newly constructed homes in Orlando are usually cheaper to insure. Using modern materials makes it more resistant to damage, resulting in a lower probability that homeowners will file a claim. It’s also easier for insurers to replace newer materials. Home insurance for a newly constructed home costs $1,192 on average, while coverage for a home built in 2000 costs an average of $1,736 per year.
If you’re a homeowner with $250,000 in dwelling coverage for a newly constructed home, the two companies that can offer you the cheapest home insurance in Orlando are:
- Travelers: $629 per year
- Universal North America: $703 per year
The Cheapest Home Insurance in Orlando for New Homes, Ranked
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Cheapest Home Insurance Companies in Orlando if You Have a Lot of Personal Property
Your home insurance covers not just damage to the house itself but also the personal property you keep at home. The higher the amount of personal property coverage you buy, the higher the premium. A standard home insurance policy in Orlando with personal property limits of $250,000 costs $1,989. In comparison, a policy only costs $1,736 if your personal property coverage limit is $100,000.
For homes in Orlando that keep $250,000 in dwelling coverage but increase personal property coverage limits to $250,000, the two cheapest home insurance companies are:
- Travelers: $859 per year
- Universal: $1,172 per year
Cheap Companies in Orlando for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Orlando for High Deductibles
The deductible is the amount you pay out of pocket before your insurance company pays a claim. In Orlando, deductibles have an impact on how much your home insurance will cost.
For example, a policy with a $2,000 deductible costs $1,502 on average, while a policy with a $1,000 deductible costs $1,736 on average. The higher your deductible is, the lower your premium becomes.
On average, the two companies with the cheapest home insurance in Orlando for homeowners with a $2,000 deductible are:
- Travelers: $650 per year
- Universal North America: $885 per year
The Cheapest Companies in Orlando for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Orlando if You Have Poor Credit
In Orlando, your credit score is also a factor that insurance companies consider when computing a policy’s premium. Insurers have found that a person with a low credit score is more likely to file claims. Because of this, if your credit score is poor, your home insurance premium will be higher.
For instance, a policy costs $2,247 on average in Orlando if you have a poor credit score. In comparison, if you have good credit standing, your policy will only cost $1,736 on average.
If you have a bad credit score, the two insurance companies in Orlando that can offer the cheapest premiums are, on average:
- Travelers: $733 per year
- Allstate: $1,406 per year
The Cheapest Companies in Orlando for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Orlando
If you want to get a quote for homeowners insurance online, make sure you’ll have the following information ready:
- Home replacement cost – This is the amount it takes to rebuild your home using similar materials if it gets damaged. The replacement cost for your home determines your dwelling coverage limits. It’s ideal to hire a professional — either a building contractor or an independent appraiser — to get an accurate estimate.
- Personal property value – The value of your personal belongings will determine the personal property coverage limits.
- Personal information – Online sites will ask for your address, the number of people included in your household and your insurance history, among other things.
- Details about your house – This is information about your home, including how big it is and whether you have any security devices. Insurers will also ask when it was built.
Homeowners Insurance in Orlando Analysis: Methodology
The base profile of the average homeowner is someone who has a 2,500 square-foot home built in 2000, with dwelling coverage of $250,000, personal property coverage of 100,000 and liability coverage of $100,000. All policies have deductibles worth $1,000.
MoneyGeek analyzed home insurance premiums from ten companies in Orlando using the data provided in partnership with Quadrant. We calculated affordability using quotes for a home with varying coverage levels, while customer satisfaction ratings were from J.D. Power. Quotes were gathered from homeowners with newly constructed homes, increased dwelling or personal property coverage, higher deductibles and poor credit scores to provide accurate information for various situations.
About Mark Fitzpatrick